PRESS RELEASES

VANCOUVER, BRITISH COLUMBIA / August 9, 2017 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / FKT: 1MG / OTC: MGXMF) is pleased to report estimated prospective resources (the “Estimate”) attributable to the Company’s Paradox Basin Petrolithium Project (the “Project”), consisting of leasehold and royalty interests in San Juan County, Utah and San Miguel County, Colorado.

The Estimate was prepared by the Ryder Scott Company, L.P. (“Ryder Scott”), an independent qualified reserves evaluator within the meaning of National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), with an effective date of June 30, 2017. The Estimate was prepared in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. Although the salts may not perform well under stimulation or fracking, the Project contains many clastics and is highly pressurized. Management estimates the total cost required to achieve commercial production from the Project to be $8 million based on the expectation of completion of 3D seismic survey and one horizontal well being drilled. The timeline of the Project is five years, with the estimated first date of commercial production being 18 months from the commencement of drilling using vertical and horizontal drilling techniques along with proprietary patented water handling technology as the Project was conceived. Significant economic factors that may affect the Project relate primarily to operational costs, efficiencies and commodity pricing.

Table 1 Estimated Gross Volumes Unrisked Undiscovered Hydrocarbons Initially in Place (Prospective Areas) Leasehold Interests in San County, Utah and San Miguel County, Colorado As of June 30, 2017

Formation

OOIP – MMBO

OGIP – BCF

COC*

P90

P50

P10

P90

P50

P10

Paradox Clastics

CB2

658.412

861.819

1146.835

526.779

689.513

917.512

0.075

CB3

654.882

859.260

1147.780

523.955

687.411

918.239

0.075

CB4

202.121

266.404

360.542

161.712

213.137

288.434

0.075

CB5

522.456

689.867

921.363

417.988

551.901

737.155

0.075

CB6

105.779

140.097

185.564

84.633

112.088

148.469

0.045

CB7

29.664

39.368

52.916

23.371

31.498

42.334

0.032

CB8

302.101

397.712

524.047

241.692

318.199

419.258

0.068

CB9

182.282

240.960

321.274

145.843

192.782

257.041

0.068

CB10

233.259

303.841

405.630

186.610

243.089

324.524

0.068

CB11

31.746

42.134

57.031

25.398

33.707

45.625

0.032

CB12

148.630

196.857

261.902

118.915

157.494

209.537

0.045

CB13

147.025

194.154

259.693

117.625

155.326

207.764

0.045

CB14

50.415

66.798

89.782

40.334

53.443

71.833

0.045

CB15

103.477

136.703

182.660

82.785

109.373

146.141

0.045

CB16

43.581

57.665

77.645

34.866

46.135

62.120

0.045

CB17

59.391

77.819

104.356

47.518

62.256

83.486

0.040

CB18

73.100

97.038

129.444

58.485

77.633

103.568

0.045

CB19

267.712

349.741

470.387

214.184

279.803

376.352

0.068

CB20

46.692

61.024

82.382

37.035

48.824

65.912

0.040

CB21 (Cane Creek)

563.793

736.091

989.116

451.071

588.917

791.318

0.097

CB22

89.054

118.845

161.139

71.248

95.080

128.919

0.045

Leadville

6.900

14.200

25.000

317.100

465.200

660.200

0.066

*COC – Chance of Commerciality = Chance of Discovery * Chance of Development

Table 2a Summary of Risked Prospective (Recoverable) Hydrocarbon Resources Leasehold Interests in San County, Utah and San Miguel County, Colorado As of June 30, 2017

PROSPECTIVE RESOURCES

RESOURCES

LIGHT CRUDE OIL MMBO

CONVENTIONAL NATURAL GAS- BCF

TIGHT OIL MMBO

SHALE GAS BCF

Gross

Net

Gross

Net

Gross

Net

Gross

Net

PROSPECTIVE (High Estimate)

0.26

0.20

22.55

16.91

41.17

30.88

32.94

24.71

PROSPECTIVE (Best Estimate)

0.14

0.11

15.29

11.47

28.78

21.59

23.02

17.27

PROSPECTIVE (Low Estimate)

0.07

0.05

10.10

7.58

19.91

14.93

15.93

11.95

Notes:

There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.

Summed volumes in this table are arithmetic summations of various individual reservoirs at the Project and are consequently not statistically correct representations of the range of resources.

Ryder Scott used probabilistic methods to conduct the Estimate from a technical standpoint and did not consider the expiration of the leases constituting the Project.

Geologic BackgroundVarious operators in the region have concluded that the presence of open natural fractures is the primary control on well productivity in the Paradox clastic breaks. Ryder Scott evaluated 21 prospective intervals corresponding to Clastic Breaks 2 through 22. All 21 clastic breaks displayed very consistent stratigraphy across the elevation area. Lithological correlation of the organic shale intervals, anhydrites and salts in and adjacent to the various clastic breaks are relatively even with the various vintages of wells and well log types ranging from gamma ray– neutron logs to sonic logs to modern lithodensity– neutron logs. The clastic breaks display only minor variations in thickness; in contrast, the intervening salt layers can vary significantly. Most of the clastic intervals in the area of interest are confined vertically by salt layers. The presence of salt may inhibit the creation of fractures in the thinner intervals both from natural forces and artificial simulation.

OwnershipMGX holds a 75% working interest in the Project with the remaining interest primarily controlled by a private Utah corporation (the “Paradox Partner”). The Paradox Partner has been engaged by MGX as subcontracted operator of the Project.

Qualified PersonThe technical portions of this press release were prepared and reviewed by Andris Kikauka (P. Geo.), Vice President of Exploration for MGX Minerals. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument (N.I.) 43-101 Standards.

Forward-Looking StatementsThis press release contains certain statements that constitute forward-looking statements or information ("forward-looking statements") including the volume of resources. Although MGX believes that the expectations reflected in such forward-looking statements are reasonable, such forward-looking statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. Those factors and assumptions are based upon currently available information available to the Company. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking information, as no assurance can be provided as to future results, levels of activity or achievements.

MGX believes that the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: inaccurate estimation of MGX’s prospective resources; risk associated with the Company having no history of operations or earnings including, but not limited to, any oil and gas operations; and certain other risks detailed from time to time in MGX’s public disclosure documents including, without limitation, those risks identified in this press release, and in MGX’s annual information form, copies of which are available on the Company’s SEDAR profile at www.sedar.com.

Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, MGX does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

Resource DefinitionsResources encompass all petroleum quantities that originally existed on or within the earth's crust in naturally occurring accumulations, including Discovered and Undiscovered (recoverable and unrecoverable) plus quantities already produced. "Total Resources" is equivalent to "Total Petroleum Initially In-Place". Resources are classified in the following categories:

Total Petroleum Initially In-Place ("TPIIP") is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.

Discovered Petroleum Initially In-Place ("DPIIP") is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of DPIIP includes production, reserves, and Contingent Resources; the remainder is unrecoverable.

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development but which are not currently considered to be commercially recoverable due to one or more contingencies. Economic Contingent Resources are those contingent resources that are currently economically recoverable. Sub-Economic Contingent Resources are those contingent resources that are not currently economically recoverable, provided that there should be a reasonable expectation of a change in economic conditions within the near future that will result in them becoming economically viable.

Undiscovered Petroleum Initially In Place ("UPIIP") is that quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of UPIIP is referred to as Prospective Resources and the remainder is unrecoverable.

Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development.

Unrecoverable is that portion of DPIIP or UPIIP quantities which is estimated, as of a given date, not to be recoverable by future development projects. A portion of these quantities may become recoverable in the future as commercial circumstances change or technological developments occur; the remaining portion may never be recovered due to the physical/chemical constraints represented by subsurface interaction of fluids and reservoir rocks.

The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or by a probability distribution. Resources are provided as low, best and high estimates as follows:

Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.

Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater than or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.

High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.

Certain resource estimate volumes disclosed herein are arithmetic sums of multiple estimates of DPIIP or UPIIP, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probabilities of recovery associated with each class as explained under this Resource Definitions section.

About MGX MineralsMGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.

Forward-Looking StatementsThis press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.